In Delhi, Prime Minister Narendra Modi met with Russian Deputy Prime Minister Dmitry Patrushev to discuss strengthening economic ties. Patrushev emphasized the unique and strong relationship between the two nations, positioning India as a key partner for Russia. He also pointed out that the trade volume between India and Russia reached its highest level in 2024.
During the meeting, the leaders discussed the possibility of a Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EAEU), which would simplify trade. Furthermore, the establishment of a new grain exchange for BRICS nations was also discussed, aiming to expand agricultural trade.
The meeting took place on the sidelines of ‘World Food India 2025’. Patrushev conveyed Russia’s commitment to working with India across all sectors to strengthen the relationship between the two countries. PM Modi expressed his pleasure at meeting Patrushev, stating that discussions centered on increasing collaboration in agriculture, fertilizers, and food processing.
The meeting took place at a time when Russia faces restrictions from Western nations due to the ongoing conflict in Ukraine. Despite these measures, India has maintained a balanced approach to its long-standing strategic relationship with Russia.
The trade between Russia and India in 2024 totaled $70.6 billion, reflecting a 9.2% increase compared to the previous year. Indian imports from Russia reached $67.15 billion. Before the COVID-19 pandemic, this trade was only $10 billion, signifying a significant expansion of the trade relationship.